Apex crypto, Bitcoin (BTC), is up 5% over the past 24 hours and is currently trading at around $20,107, as at the time of writing.
Ethereum (ETH), the second-largest cryptocurrency, has gained 9% in the last 24 hours and is changing hands for around $1,148, per data from CoinMarketCap.
The global cryptocurrency market capitalization is up 5.3% to $910.9 billion in the last 24 hours.
Other top cryptocurrencies, including Binance Coin (6.6%), Solana (7.8%), Polygon (14%), and Avalanche (5.26%), have also posted tremendous gains over the past 24 hours.
Yet, the recent gains are not significant enough to offset the losses from the recent crypto crash.
Bitcoin is still down 70% from its all-time high of $68,789.63 recorded in November 2021; Ethereum has shed 76% from its picotop of $4,891.70 recorded in the same month.
Cryptocurrencies flipped bearish after the Federal Reserve announced a 75-basis point rate to control growing inflation last month. The Fed is again meeting on July 26th, with many expecting another 75-basis point hike.
The primary reason behind today’s bullish price action is improved on-chain user activity and a healthy movement in Total Value Locked (TVL) across Ethereum.